The informal currency market in Cuba started this Sunday with the three main currencies at record levels or close to them, with the Freely Convertible Currency (MLC) being the highlight of the day.
While the dollar (USD) is quoted at 530 Cuban pesos (CUP) and the euro at 600 CUP, the MLC saw an increase of 12 CUP in the last 24 hours, reaching 412.5 CUP, according to monitoring by elTOQUE.
Informal exchange rate in Cuba Sunday, April 26, 2026 - 06:30
Exchange rate of the dollar (USD) to Cuban pesos CUP: 530 CUP
Exchange rate of the euro (EUR) to Cuban pesos CUP: 600 CUP
Exchange rate from (MLC) to Cuban pesos CUP: 412.5 CUP
The dollar has been at its historic high of 530 CUP for four consecutive days, a level it reached on April 22 after rising four pesos in a single day.
The euro has been consistently at 600 CUP for six consecutive days since it broke the historical barrier on April 19. Meanwhile, the MLC is experiencing new upward pressure today: yesterday it was valued at 400 CUP and this Sunday it rises to 412.5 CUP.
Exchange Rate Evolution
The Observatory of Coins and Finances of Cuba (OMFI) predicts that by the end of April, the dollar will be at 533 CUP—with a variation range of between 503 and 590 CUP—and the euro at 604 CUP, with a range of between 574 and 640 CUP, indicating that the upward trend has not yet concluded.
Since 2020, the Cuban peso has lost approximately 95% of its value against the dollar in the informal market, rising from 42 CUP per dollar to the current 530 CUP. In just the last twelve months, the dollar has increased by 47.8%, from 345 CUP in March 2025 to 530 CUP in April 2026.
Depreciation has accelerated in 2026 due to several factors: the energy crisis caused by the halt of fuel shipments from Venezuela and Mexico, the decline in tourism, and the structural shortage of foreign currency in the official banking system.
This was compounded by the issuance of 2,000 and 5,000 peso bills by the Cuban regime, a measure that at the beginning of April created additional currency-related uncertainty without addressing any of the underlying causes.
The economist Pavel Vidal points out that the crisis has structural roots in the failed monetary reform of 2021, known as Tarea Ordenamiento, which triggered an inflationary spiral that Cuba has yet to escape.
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